Jim would like to start a business raising thoroughbred racehorses.The business would be the first of its kind in the state where he lives.Obtaining insurance on the horses is a key concern,and he was dismayed to learn that none of the insurers authorized to operate in his state offer this specialty insurance.What is the name of the intermediary which Jack can use to place this coverage with an insurer not admitted to his state?
A)alien insurer
B)general agent
C)surplus lines broker
D)direct writer

Question

Quizplus · Accepted Answer

A surplus lines broker can assist Jim in obtaining coverage from an insurer not authorized to operate in his state. Surplus lines brokers are licensed insurance agents who specialize in placing coverage with non-admitted insurers when coverage is not available in the standard market.

Jim Would Like to Start a Business Raising Thoroughbred Racehorses